EAST AFRICA FINANCIAL REVIEW - imbank.com · driven by increased activity on Safaricom and Kenol Kobil. ... prepare the Prospectus which provides detailed information to potential

EAST AFRICA FINANCIAL REVIEW

MARCH 2018

I&MBC EA REVIEW |MARCH 2018

MONTHLY COMMENTARY

It is important to note that the Q12017 numbers are skewed by the c. USD 900 million

acquisition by Total of an additional stake in the Lake Albert Oil Project. We have also excluded

the c. USD 1.04 billion acquisition of Saham Finances by Sanlam which although included East

African elements, was mostly a Pan African deal. However, we expect increased corporate deal

making in 2Q2018 riding on the wave of increased investor optimism and better economic and

political stability in the region.

In our technical flashpoint for this edition, we look at IPOs. Although there has been a dearth of

these transactions across the region in the last three years, we believe that this situation may

turn around. Valuations in the NSE have increased over the last 9 months and the Kenyan

economy is tipped to grow at 5.5% in 2018 and 5.9% in 2019 up from 4.5% in 2017. We also

expect that the introduction of new products on the bourse will invigorate the market, We are

cautiously optimistic about the planned introduction of the Kenya Mortgage Liquidity Facility

which should expand the asset backed security offering in the market. We, however, note that

there needs to be a concerted effort to reduce the cost of capital through institutional and

technical reforms for the facility to be hugely impactful.

IMBC’s deal of the month is Uqalo’s acquisition of an undisclosed stake in Big Square, the fast

food chain that’s also incorporates Pizza Mojo. Uqalo is a South African Private Equity firm that

has previously invested in Twiga Foods in Kenya and Kanoria Africa Textiles in Ethiopia. The

investment represents the budding interest in the East African hospitality sector which has

recorded significant growth over the last 5 years with 5 deals reported in 2017 compared with 1

deal in 2013 mainly on account of increased disposable incomes. It is expected that the

company will now increase its store count from the current 9 stores to 30 over the next 4 years.

In the energy sector, Pan-African infrastructure investor Africa50 announced that it is looking to

tap into Kenya’s power generation and transmission sector as the State seeks financial support

for its development agenda. The Morocco-based Fund, an agency of the Africa Development

Bank (AfDB) focuses on medium to large-scale infrastructure projects with significant impact

and that have good returns on investment. Africa50 is also seeking opportunities in the

improvement of Kenyan airports with particular focus on the Jomo Kenyatta International Airport

(JKIA).

Kenya also announced that it is moving to rehabilitate its oldest geothermal power plant for

increased generation of electricity after securing a USD 95 million concessional loan from

Japan. Treasury Secretary Henry Rotich signed the financing agreement with Japanese

officials for the refurbishment of Olkaria I Units 1, 2 and 3 – Africa’s first geothermal plant built

in 1981 in Naivasha. The upgrade will expand the capacity of the ageing steam-powered plant

from 45 megawatts to 50.7 megawatts upon completion in November 2021. The plant

rehabilitation will involve change of steam turbines and installation of new electrical systems.

In the mining sector, the latent boom in commodity prices has been a boon for Rwanda which

reported that its trade deficit reduced by 21.7% in 2017. After three consecutive years of low

international prices for minerals, Rwanda’s tin, coltan and wolfram exports regained footing to

fetch the highest revenues for Rwanda, contributing a combined USD 125 million a 44.6%

increase from the previous year. The mining sector is, however, still dogged by the exportation

of raw minerals which fetch lower prices than processed minerals on the international market.

Continuing to build on the previous month’s marginal gains, the NSE 20 index was up by 2.5%

(YTD 3.6%) during the month of March. Equity turnover was up 29.0% to USD 226.93 million,

driven by increased activity on Safaricom and Kenol Kobil. Foreign investors were net sellers

this month, with an outflow of USD 10.65 million. Safaricom recorded the highest net foreign

outflow at USD 16.85 million while Equity bank witnessed the highest net foreign inflow at USD

13.70 million.

Edward Burbidge, CFA & IMBC EA Review Team

IMBC Deal of the Month

Uqalo’sUSD 4 million acquisition of an

undisclosed stake in restaurant chain Big

Square.

March in

Numbers

7 The number of disclosed deals in EA

2

• Key Market Indicators• Deal Statistics• Selected Deals Summary• Technical Flashpoint of the Month• Interview with Kabir S. Chal,

Principal, Actis• Upcoming Events

In this Issue

What was most important

wasn’t knowing the

future—it was knowing

how to react appropriately

to the information

available at each point in

time.

- Ray Dalio.

March closed off Q12018 with 7 deals valued at c USD 19 million disclosed. This brings the

total deal volume and value for the quarter to 16 and c. USD 49 million respectively,

compared with Q12017 performance of 19 deals worth c. USD 1.08 billion.

c. 19.11

The total value of all disclosed corporate deals in

EA in USD m

The Editorial Team

E D W A R D B U R B I D G E | L O R E I N E D O T T I | K E V I N K U R I A


PART I: DEAL STATISTICS (1/2)

3

3

6

Jan

Feb

Number of deals

Mo

nth

Total number of deals per month in East Africa -2018 YTD

7 7

1 1

M&A PE Rights Issue Private Placing

No

. of

dea

ls

Investment type

Total No.of deals in EastAfrica - 2017 YTD

3

6

7

Jan

Feb

March

Number of deals

Mo

nth

Total number of deals per month in East Africa -2018 YTD


1Based on deal values disclosed to the public or as estimated by I&M Burbidge Capital2The top sectors which recorded the highest number of deals

Source: I&M Burbidge Capital Research

PART I: DEAL STATISTICS (2/2)

4

4.7

12.1710.9

21.01

Private Placing PE Rights Issue M&A

Investment type

Deal values (USD mn) in East Africa - 2018 YTD1

38%

6%

13%

6%

6%

6%

6%

6%

13%

No. of deals per sector - 2018 YTD2

Financial services Health Manufacturing

Real estate Mining and Construction Hospitality

Professional Services Horticulture ICT

I&MBC EA REVIEW |MARCH 2018 5

PART II: KEY MARKET INDICATORS

Interest Rates

Country/Region Current Base Rate Previous Base Rate

Central Bank of Kenya (Kenya) 9.50% 10.00%

Bank of Uganda (Uganda) 9.00% 9.50%

Bank of Tanzania (Tanzania) 9.00% 9.00%

South African Reserve Bank (RSA) 6.50% 6.75%

Central Bank of Nigeria (Nigeria) 14.00% 14.00%

Central Bank of Egypt (Egypt) 16.75% 18.75%

Bank of England (UK) 0.50% 0.50%

Federal Reserve Bank (USA) 1.75% 1.50%

European Central Bank (EU) 0.00% 0.00%

Kenya Uganda Tanzania NigeriaSouth Africa

Sub-Saharan Africa UK USA

Euro Area

Projected GDP

Growth

2018 5.50% 5.10% 6.80% 2.50% 1.10% 3.20% 1.40% 2.50% 2.10%

2019 5.90% 5.70% 6.90% 2.80% 1.70% 3.50% 1.60% 2.20% 1.70%

Projected Inflation

(%)

2018 5.20% 5.60% 5.00% 14.80% 5.30% 9.90% 2.70% 2.10% 1.40%

2019 5.00% 5.00% 5.00% 14.30% 5.50% 8.90% 2.30% 2.20% 1.70%

Projected Inflation and GDP Rates

91- Day T-bill 2- Year Bond 5- year Bond 10- year bond

Kenya 8.00% 11.70% 12.20% 12.85%

Tanzania 2.25% 9.21% 12.16% 13.86%

Uganda 8.62% 11.20% 12.45% 14.35%

Yields on Government Securities


PART III: SELECTED DEALS

6

Date Buyer Seller

Investment size in

USD 'millions Sector

Investment

type Country Synopsis

07 March 2018 Uqalo Big Square 4.00 Hospitality PE Kenya Uqalo, a South-African based private equity fund has invested Sh404 million (USD 4 million) to acquire an

undisclosed stake in Kenyan fast food chain Big Square. Uqalo, which targets investments located in Kenya,

Ethiopia and Nigeria, is primarily funded by Hong Kong-based supply chain and logistics conglomerate Fung

Group. According to the Uqalo’s website, its strategy is to acquire minority stakes by investing between

Sh202m and Sh506m (USD 2m and USD 5m) in “mature businesses” through equity or convertible debt. The

Fund has a five-year investment target. Uqalo says its investment will expand its footprint from the current

nine stores to 30 over the next four years.

08 March 2018 Funguo

Investments

Limited

Next Estate

Limited

4.21 Manufacturing PE Kenya Funguo Investments, which is partly-owned by parastatal ICDC, bought a majority stake in Feastfoods

Processors marking its entry into the agro processing industry. The firm injected Sh425 million (USD 4.21

million) into the venture in a deal partly financed by Sh246 million (USD 2.44 million) debt from ICDC.

Feastfoods Processors, a subsidiary of Next Estate, is setting up a fruit juice puree and concentrates plant in

Kwale county, a project currently valued at Sh1 billion. Nest Estate has bought land and is currently setting up

the premises. The acquisition of specific machinery is set to follow as efforts to start the plant’s operations in

late October get underway. The factory will have a capacity to produce 20 tonnes of fruit puree and

concentrates daily and plans to sell in bulk the processed mango, pineapple and passion juice to suppliers and

packaging firms, both locally and internationally.

15 March 2018 Sanlam Group Saham

Finance

1,040.00 Financial Services M&A Kenya A subsidiary of South African-owned Sanlam Group, the largest shareholder of NSE-listed insurer Sanlam,

paid Sh105 billion (USD 1.04 billion) to acquire the stake in SAHAM Finance that it did not already own. Sanlam

Group described it as a strategic move that positions the company as a pan-African insurance provider.

SAHAM’s insurance business, which started its strategic development in Africa in 2010, is now present in 26

countries through 35 insurance companies. SAHAM said they planned to partner with international investors

such as the World Bank, Kingdom Zephyr, Abraaj, Allianz, Bertelsmann, Wendel and the Sanlam Group to

implement major projects across Africa.

15 March 2018 Dentons Hamilton

Harrison &

Mathews

Advocates

undisclosed Legal Services M&A Kenya Hamilton Harrison & Mathews Advocates (HH&M), one of Kenya’s oldest and largest law firm, entered into an

agreement to combine with Dentons, the world’s largest law firm. Upon regulatory approval, HH&M will

become part of Dentons, which is combining with seven elite firms in Africa, the Caribbean and South East

Asia.

19 March 2018 Suzerain

Investment

Holdings

Centum

Investments

undisclosed Financial Services PE Exit/M&A Kenya Centum Investment Company sold its 25% stake in Platcorp Holdings to Suzerain Investment Holdings, a

consortium of Platcorp’s management team and an existing shareholder. Platcorp is the holding company of

Platinum Credit, a non-banking, non-deposit taking microfinance institution, which provides emergency loans

to customers and has operations in Kenya, Uganda and Tanzania. Centum invested in Platcorp Holdings in

December 2012, acquiring a 36% shareholding through its vehicle, Kilele Holdings.

19 March 2018 Phoenix

Group

Karuturi

Limited

undisclosed Horticulture M&A Kenya The owners of flower farm Karuturi Limited have secured an investor to inject funds into the business as they

fight to save their prized asset from being auctioned by Stanbic Bank over a Sh1.8 billion loan default.

Karuturi, which was prior to its collapse Kenya’s biggest flower exporter, in a statement yesterday said that it

has reached an agreement with Phoenix Group for a “blend of debt and equity” that will help it to meet its

current debt obligations and restart its operations. The firm has been under receivership for the past four

years. The statement did not however indicate the value of the expected investment. Phoenix Group is said

to be worth Sh200 billion. The Singaporean company is among the world’s leading rice producers.

26 March 2018 Centum

Investments

Sidian Bank 10.90 Financial Services Rights Issue Kenya Investment firm Centum pumped Sh1.1 billion (USD 10.9 million) into its banking subsidiary Sidian in a rights

issue that is meant to boost the lender’s core capital. Centum holds a 73 per cent stake in Sidian Bank and the

Sh1.1 billion cash injection means it has defended its entire stake in the rights issue.

26 March 2018 Kuramo

Capital

Management

Centum

Investments

undisclosed Financial Services PE Kenya Kuramo Capital Management has acquired a majority stake in GenAfrica Asset Managers, one of the largest

pension fund managers in Kenya and Uganda, from Centum Investment Company. Centum

Investments reached a deal to sell off a controlling 73.35 per cent stake in GenAfrica to New York-based

equity fund Kuramo Capital. GenAfrica has been operating in the Kenyan capital markets for the past 22 years

(for 17 years as Genesis Kenya Investment Management).


PART IV: TECHNICAL FLASHPOINT OF THE MONTH

7

IPOs provide a channel for companies to raise equity capital and for existing private shareholders to exit the business by selling their

equity to other investors. The capital raised can be used for various purposes such as expansion, facilitating mergers and acquisitions, or

recapitalization. An added benefit is that the shares can be used to attract top management, and even employees, through the offer of

perks like stock option plans. The company also attains bragging rights, with the prestige of being listed on a stock exchange.

The IPO process is, however, complicated and arduous, and takes time to plan, implement and execute. It should not be entered into

without careful consideration of both the current and future implications. An IPO changes the status of a company from private to public

ownership and therefore renders the company subject to rules, regulations and scrutiny from Securities Exchanges and Capital Markets

Authorities who work to protect investor interests. The company will need to meet additional requirements and continuing obligations as a

public company that may require new skill sets, additional resources and changes to the business. In Kenya, the Nairobi Securities

Exchange (NSE) is the main bourse whilst the Capital Markets Authority (CMA) is the main regulator.

The NSE provides 4 different market segments for companies to list - Main Investment Market Segment (MIMS), Alternative Investment

Market Segment (AIMS), Fixed Income Securities Market Segment (FISMS) and the Growth Enterprises Market Segment (GEMS). The

MIMS segment requires companies with KES 100 million in assets and KES 50 million in fully paid up share capital, and is the main

segment of the NSE where most companies are listed. The AIMS market is for companies with at least KES 20 million in assets and KES

20 million in fully paid up share capital. FISMS incorporates listing and secondary market trading of fixed income securities. The GEMS

market, the youngest of the four, was launched as a way of attracting SMEs and family-owned businesses into public listing, with no

minimum asset requirement and a minimum of KES 10 million in paid up share capital. In order for a company to list on the GEMS market,

it is required to work with a Nominated Advisor (NomAd). The NomAd ensures that the governance structure and accounting practices of

the company are streamlined. There are currently four companies traded in the GEMS market - Home Africa, Flame Tree Group Holdings,

Kurwitu Ventures and Nairobi Business Ventures.

Hire a Transaction Advisor

• Appointing a transaction advisoris a prime requisite for acompany looking to go public.Transaction advisors provideadvisory and underwritingservices, ensuring that the offerof securities is made inaccordance with the CapitalMarkets Act and regulations.

• The transaction advisor willprepare the Prospectus whichprovides detailed information topotential investors, lead theefforts of attracting investors tothe issue and coordinate theactivities of the other advisors.

Obtain approval from theCMA

• Any company looking to liston the NSE must obtainapproval from the CMA beforethe IPO can be carried out.The CMA, in considering theIPO proposal, takes intoaccount compliance with thelegal and regulatoryframework by the companyundertaking the IPO.

Issue of the Listing Statement/Prospectus and Commencement of Road Shows

• A prospectus is a document inviting the public to purchase the shares of the company. It contains all the relevant information pertaining to the company and lists the terms and estimated price range for one share of the company’s stock.

• Before the IPO goes public, the representatives of the company and the underwriters travel around the country and globe marketing the upcoming IPO to potential investors. Instead of going on a roadshow, companies can use the media to reach out to potential investors.

Listing

• On a planned date, the prospectus and application forms are made available to the public online and offline. The agency mandated with the regulations of the stocks makes the statement public and gives a go ahead for the purchases to be made

• Once the primary sales are complete, the listing bell is rung and the shares can be freely traded on the securities exchange.

IPO

An Initial Public Offering, commonly referred to as IPO, is the process by which a company goes public by offering its stock

for purchase by the public on a regulated securities exchange. The company does this with the help of a transaction advisor,

tasked with guiding the company as it goes through the IPO process.

Initial Public Offerings

Loreine DottiAnalyst – Corporate Finance


PART IV: TECHNICAL FLASHPOINT OF THE MONTH

8

Initial Public Offerings

In addition to IPOs, other ways of listing on a stock market include listing by introduction, cross listing and reverse listing. Listing by

introduction refers to the listing of existing issued shares of a company. It provides the company with a platform to trade shares with the

public and raise capital at a later date, when the need arises. Cross listing occurs when a company lists shares on one or more foreign

stock exchanges in addition to its domestic exchange so as to expand its scope of access to capital. Reverse listing occurs when a

company that is not listed acquires a listed company and becomes automatically listed by virtue of the transaction.

IPOs in Africa

In Africa, in 2017, PWC reported 28 IPOs, with proceeds of circa USD 2.9 billion. The launch of the Vodacom IPO in Tanzania was a

record for the DSE, providing East Africa’s largest IPO in 2017. Vodacom’s 560 million ordinary shares trading at USD 0.4 was fully

subscribed raising an outstanding USD 212 million.

The Kenyan stock market has had a lacklustre performance in IPO activities in the past 3 years, with no IPOs raised in the last two years

and one IPO in 2015 - the Stanlib I-Reit offering. This trend is attributable to low market valuations as a result of a 2 year bear run,

political uncertainty, high costs associated with IPO listings and a general historical underperformance of listed securities in the stock

market.

However, the future outlook in the IPO market seems positive. The Kenyan stock market has become increasingly profitable, with the

bourse currently in a bull run that began in March 2017 – a recovery from a bear run that lasted from March 2015 to March 2017. In 2017,

the NSE All Share Index recorded a +28.4% increase; the traded turnover in the market rose by KES 24.3 billion; and the market

capitalization was up by KES 590.2 billion. The bourse has also witnessed increased foreign investor participation as the shilling

continues to strengthen against the dollar, implying higher sales proceeds for foreign investors on exit upon conversion to hard currency.

In 2017, foreign investors recorded a net outflow of KES 11.8 billion, compared to a net inflow of KES 9.0 billion recorded in 2016. The

improved valuations of listed counters make IPOs an attractive exit mechanism, especially for private equity firms who have historically

favoured trade sales and secondary buyouts as their most preferred exit routes.

I&MBC EA REVIEW |MAY 2017

What more does Actis bring to its investee companies

beyond capital?

As growth market investors across multiple sectors over 6

decades, we have developed significant expertise in helping

businesses to institutionalize and adhere to international

governance standards. It also then depends on the specific

business/sector in question… with MML we also brought

strong financial discipline to the team and strategic focus; we

also introduced several third party clients and projects to

MML.

Actis is pretty well tapped into the real estate market in

the region. Which, for you, is the most promising section

of the real estate market in this region?

Residential. This is the largest real estate sub-sector globally

yet there are no scale institutional developers active in Kenya.

The opportunity to develop housing for the middle income

segment is attractive but it needs well capitalized,

experienced, institutional, scale developers that can raise the

bar around quality and value for money where reputation and

brand are critical components for success.

What’s your medium term view on returns from

commercial real estate in Nairobi?

For the right product generating investment grade cash flows,

bullish. Notwithstanding the cycle concerns, there remains a

dearth of vacant institutional quality commercial space. We’ve

got to move away from what the market and agents define as

Grade A being new buildings in prime nodes. Grade A should

talk to efficiency of floor plate, parking ratios and aesthetic

features as well as location; when you look at the

performance of real estate in this segment, it speaks for

itself… demand outstrips supply by multiples and this is

evidenced in the low vacancy rates and sustained rental

levels. These assets continue to attract and generate strong

investment grade cash flows which means that returns will

continue to perform well.

In which sectors do you think most opportunities lie for

PE funds in the region for the next 5 years? Why?

Assuming you mean apart from Real Estate, I’d say

Consumer driven sectors, Financial Services and Healthcare

all of which look to benefit from the growth and spending

power of the region’s middle class. Consumer: urbanization is

driving shifting demand and consumption; migration from

unbranded to branded goods; growth of modern trade

channels. Financial Services – migration from cash to

electronic payments, which Kenya is at the forefront of; and,

increasing demand for Financial Services infrastructure.

Healthcare: increasing incidence of diseases is driving

demand for quality, lower-cost, healthcare; and, increasing

availability of locally-based technical skills.

What’s your favourite restaurant in Nairobi?

Tough one. Consistency in Nairobi’s restaurants is a real

issue and it manifests across the board. I would say however

that I’m quite excited by some of the stuff Chef Isaac Arunga

is churning out at Lord Errol; he does a creative and unique

tasting menu – if you do go, let him know I sent you… make

sure you try his cauliflower truffle soup.

Congratulations on the exit from Mentor Management Limited! Was it

similar to the exit you had in mind when you invested?

Thank you and yes. We acquired a controlling stake in MML at a time when

we needed to bring delivery expertise in house. The investment plan was to

scale up the team with professionals who had significant and diversified

delivery experience as well as to grow the business and to position it as

capable of delivering scale projects to an international standard. In our view,

this would generate strategic interest in the business for majors looking to

expand their East African presence. Since our investment, MML has more

than doubled its staff and its revenue has grown nearly five-fold, making it a

compelling business for a strategic investor such as Turner & Townsend to

acquire.

What are some of the things that were well done with regard how the

exit process was structured and managed?

The exit process was a competitive bid that began with interest from 5

strategic businesses. Running competitive processes with strategic investors

is challenging at the best of times and it is critical that the process is

managed tightly and effectively whilst balancing the competitive tension;

IMBC did a fantastic job at running this for us. Specifically, running the DD

process and managing the bidders against clearly set out milestones within a

clearly scheduled exit timetable is what allowed us to achieve exit within 4

months.

What are some of the challenges that had to be overcome during the

exit process?

There were many… I guess working hard to maintain price post DD was one

and the other was managing the process to time. We did well to achieve the

outcome we wanted on both.

How did you manage the interests of the promoters given that Actis

were exiting and they were not?

We were open and transparent with them from the onset and we sought their

feedback throughout the process. At the end of the day this a people

business and a destabilized or unhappy team means that we as a client

would lose one of our preferred delivery consultants.

Kabir joined Actis in 2014 and since 2017 has been

based in Nairobi. He focusses on deal origination,

execution and portfolio management primarily in

East Africa. Kabir’s responsibility in Fund 2 was

investment management of MML, which he led to

exit in early 2018. Kabir has concluded

transactions for Fund 3 which include Garden City

Business Park.

Prior to joining Actis, Kabir spent five years with CDC in London

where he made and managed private equity investments across

sub-Saharan Africa and South Asia. Kabir was born and raised in

Nairobi. He holds a BSc in Investment & Financial Risk Management

and an MSc with Distinction in Investment Management, both from

Cass Business School in London.

INTERVIEW WITH KABIR S. CHAL, PRINCIPAL, ACTIS LLP


PART V: UPCOMING EVENTS/CONFERENCES

10

Events Date Venue Theme

Africa Mini Grids

Summit

21-22 Mar 2018 Hotel

Intercontinental,

Nairobi, Kenya

The Africa Mini Grids Summit will cover areas such as: Analysing the

Different Approaches to Mini Grids Implementation and Partnerships; Mini

Grid Policies and Regulation Updates in African Countries; Advancing the

Use of Green Mini Grids in Africa; Attaining the Social License to Operate

from Local Communities; Avoiding Stranded Assets and Managing Investor

Risks when the Grid Arrives; Hybrid Technologies Integration plus the

Growing Importance of Energy Storage in Mini Grids; Attracting Big-Time

Investors and Commercial End-Users to Recharge the Mini Grids

Ecosystem; Pricing Issues for Africa - Affordable Costs of Energy vs

Investor/Business Profits; and Investor risk vs What is Acceptable Profit in

the African Context.

Africa CEO Forum 26-27 March

2018

Abidjan, Côte

d’Ivoire

The Africa CEO Forum brings together more than 1000 world-class CEOs,

bankers and investors. It provides a unique platform for thought-provoking

discussions. the Africa CEO Forum is an opportunity for business leaders to

develop their business, shape their strategy and enhance their company’s

competitiveness

15th annual AVCA

Conference

22-26 April 2018 Marrakech,

Morocco.

The annual AVCA Conference is the largest private equity gathering globally,

attracting investors who collectively manage over US$1.5trn in assets. Over

the past 15 years, the AVCA conference has become the most important

forum for promoting, developing, and stimulating private investment in Africa.

East Africa Property

Investment Summit

25-26 Apr 2018 Radisson Blu

Hotel Nairobi

Upper

Hill, Nairobi, Kenya

The East Africa Property Investment Summit will cover dicsussions on

logistics property and business,retail and franchise property investments.

5th East Africa Oil

and Gas Summit

and Exhibition

14-15 June

2018

Intercontinental

Hotel, Nairobi,

Kenya

EAOGS annually provides a platform for East African ministries and the

National Oil companies to engage with international and local investors to

examine the vast opportunities across East Africa. EAOGS 2018 also

incorporates an exhibition where companies can display their latest

products, services to their key target audience of oil and gas decision

makers from around the world.

Sub-Saharan Africa

M&A Forum

June, 2018 Johannesburg The definitive event for M&A in sub-Saharan Africa returns to Johannesburg

for mergermarket’s annual event. Attracting 120 attendees and 20 speakers,

this event helps the corporate finance and investment banking communities

to forge new relationships to get deals done.

Africa Oil & Power 12-14

September

Cape Town

International

Convention

Centre, Cape

Town, South Africa

Africa Oil & Power’s theme for 2018 concentrates on the best way to drive

Africa’s energy sectors forward — through energy coalitions, from regional

cooperation at the government level and private companies coordinating on

development and financing deals to how the private and public sectors can

collaborate together.

Bonds Loans and

Sukuk Kenya

Conference Nairobi

02 Oct 2018 Villa Rosa

Kempinski,

Nairobi, Kenya

Bonds, Loans & Sukuk Kenya is Kenya's only annual credit market event

and brings together government officials, borrowers, issuers, regulators,

bankers, investors and advisors to discuss and debate pertinent

developments in Kenya'€™s debt capital markets.


THIS DOCUMENT HAS BEEN PREPARED ON THE BASIS OF INFORMATION AND FORECASTS IN THE PUBLIC DOMAIN. NONE OF THE INFORMATION ON WHICH THE DOCUMENT

IS BASED HAS BEEN INDEPENDENTLY VERIFIED BY I&M BURBIDGE CAPITAL LIMITED NOR ITS AFFILIATE BODIES AND ASSOCIATES, WHO DO NOT TAKE RESPONSIBILITY FOR

THE CONTENT THEREOF AND DO NOT ACCEPT ANY LIABILITY WITH RESPECT TO THE ACCURACY OR COMPLETENESS, OR IN RELATION TO THE USE BY ANY RECIPIENT OF THE

INFORMATION, PROJECTIONS, OPINIONS CONTAINED IN THIS DOCUMENT.

THIS DOCUMENT IS PURELY FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE RELIED UPON TO MAKE ANY INVESTMENT DECISIONS OR ANY OTHER DECISIONS.

ANY LIABILITY IS DISCLAIMED, INCLUDING INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING FROM ERROR OR OMISSION IN THIS DOCUMENT.

Disclaimer

11


CONTACT US:

I&MBC EA REVIEW | 11

CONTACTS OF THE EDITORIAL TEAM

Edward Burbidge, CFA

Chief Executive Officer

[email protected]

HEAD OFFICE:

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P.O. Box 51525-00100,

Nairobi, Kenya.

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+254 (20) 322 1160

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Markets Authority and a licensed Nominated Advisor by the Nairobi Securities

Exchange creating long term advisory relationships & solutions across Eastern

Africa.

ADVISORY SERVICES:Originating and structuring Equity and Debt capital raising, IPOs, M & A transactions,

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Loreine Dotti

Analyst – Corporate Finance

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EAST AFRICA FINANCIAL REVIEW - imbank.com · driven by increased activity on Safaricom and Kenol Kobil. ... prepare the Prospectus which provides detailed information to potential

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